About the Topic

This lecture sample from Ideal Classes covers the topic - Bills of Exchange and Accommodation Bills.A Bill of Exchange is, "an instrument in writing, containing an unconditional order, signed by the maker, directing a certain person, to pay certain around of money, only to the order of certain person or to the bearer of the instrument." Bill of Exchange is governed by the Negotiable Instrument Act, 1881. Bill of Exchange requires acceptance. Before acceptance, it is called as 'Draft'. Bills of Exchange has three parties viz. Drawer, Drawee & Payee. A person who draws the bill is known the bill is known as 'Drawer'. Creditor draws a bill on debtors. The person on whom bill is drawn is called as Drawee. When he accepts the bill he become acceptors. A person in whose favour the payment of bill is directed is called a 'payee'. The relationship between drawer and drawee is that of Creditor and Debtor.

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About Ideal Classes, Mumbai

Founded by Prof. Jagdish Walavalkar, IDEAL began as a modest classroom coaching institute 25 years ago. Today, IDEAL educates thousands of students across India. It moulds over 12,500 students every year via satellite, online and distance learning; along with classroom coaching. It has always championed the cause of quality education. Its courses are delivered across 6 streams and 29 courses. IDEAL has always believed in dedication. Precisely what its 200+ expert teachers give every student across its 167 classrooms, every day. Pioneering education has always been IDEAL's aim. IDEAL was the first institute to receive ISO 9001 certification, first institute to have an independent teachers training program. It is the only coaching institute to have a dedicated in house placement service for its students. But there are greater milestones to be covered on the road to refined learning. IDEAL has an advanced coaching system that will revolutionise teaching, and change the way students learn. In the coming years, students across all streams of education will be able to experience this refined system.IDEAL empowers students to soar high and aim higher everytime.